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Kenya's bourse key index drops below 3,000 points

Xinhua, March 1, 2017 Adjust font size:

Nairobi Securities Exchange (NSE) benchmark 20 Share Index lost momentum Tuesday to drop 39 points and close below the psychological 3,000 points.

The index stood at 2,994.53 from a peak of 3,033.33 Monday, the highest level in recent times, after sustaining gains in the last five trading sessions.

Stockbrokers blamed Tuesday's fall to decline in prices of major large stocks that included Safaricom, Kenya Commercial Bank (KCB), Equity Bank and Barclays Bank.

Safaricom, Kenya's leading telecom operator, was the day's biggest mover but traded a paltry 2.4 million shares.

As in the last three sessions, Safaricom declined, going down 0.6 percent to trade at 0.17 U.S. dollars. Monday, the telecom moved 2.1 million shares.

Mumias Sugar was the second best trader after moving 1.2 million shares at unchanged price of 0.01 dollars.

KCB, Barclays Bank and Kenya Power were the other top traded shares respectively after transacting 764,900, 521,200 and 484,100 shares, all at reduced prices.

Some 8 million shares valued at 1.4 million dollars were traded during the session, a marginal increase from 6.2 million worth 1.1 dollars in the previous session as trading remained stifled.

The All share Index (NASI) was down 0.99 points to close at 124.89 while the NSE 25 Share index closed 33.34 points lower at 3,264.53. Endit